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Valued Contributor
tcbofade
Posts: 2,403
Registered: ‎09-26-2011
0

DW getting closer...

  1. Credit.   EX 700, TU 652, EQ unknown.  One medical baddie from 12/08 that will fall off of EQ in January of 14, Fall off of TU in 12/13, and is already gone from EX.
  2. Income.  $31,200 annual.
  3. Source of income.  Employed.
  4. Monthly debt payments.  $200 CC debt, decreasing every month. 
  5. Employment: Current employer not quite one year, over twenty years in the industry.
  6. Assets/Reserves. $5,000
  7. Location.  Wyandotte, KS
  8. Property.  Single family home.
  9. Value. $150,000
  10. Occupancy.  Primary residence.
  11. Transaction Type.Purchase.
 
We're getting conflicting information from friends and family, and are not ready to talk to the mortgage banker yet. 
 
Right now, I think that she'd get a preapproval, but not for $150K.
 
Your thoughts?
 

Current Scores: EX 682 (FCR) TU08: 641 Wally.11/14/14
Last app 05/29/2014.
Being held hostage in the garden until further notice...
Zero percent financing is where the devil lives...
Super Contributor
ShanetheMortgageMan
Posts: 8,253
Registered: ‎09-28-2007
0

Re: DW getting closer...

Yeah with that income $150k would be a little too high...  $135k with 5% down on conventional & opting for a single premium PMI instead of the monthly PMI could be possible.  Or $135k with 3.5% down on FHA would be possible too.  I'm assuming a 2% tax rate (i.e. $150k would have $3k/year in property taxes).

 

Would you be on the mortgage/do you have income?

Valued Contributor
tcbofade
Posts: 2,403
Registered: ‎09-26-2011
0

Re: DW getting closer...

No, I won't be on the mortgage...yes, I have income, but I also have lots and lots of debt.  :smileysad:


Current Scores: EX 682 (FCR) TU08: 641 Wally.11/14/14
Last app 05/29/2014.
Being held hostage in the garden until further notice...
Zero percent financing is where the devil lives...
Super Contributor
ShanetheMortgageMan
Posts: 8,253
Registered: ‎09-28-2007
0

Re: DW getting closer...

Valued Contributor
tcbofade
Posts: 2,403
Registered: ‎09-26-2011
0

Re: DW getting closer...

Yep.  Credit cards + car payment #1 + car payment #2 + loan payment + child support = 106% of my documentable income.

 

 

 


Current Scores: EX 682 (FCR) TU08: 641 Wally.11/14/14
Last app 05/29/2014.
Being held hostage in the garden until further notice...
Zero percent financing is where the devil lives...
Super Contributor
ShanetheMortgageMan
Posts: 8,253
Registered: ‎09-28-2007
0

Re: DW getting closer...

[ Edited ]

Gotcha - paying off her credit card can qualify for a little more with conventional financing, and a co-signer could help increase qualifying income... but other than those not much else can increase the amount you can qualify for.

Valued Contributor
tcbofade
Posts: 2,403
Registered: ‎09-26-2011
0

Re: DW getting closer...

I think that I'm going to send her to talk to the mortgage banker roughly 01 November.

 

I'm sure that she'll be pre qualified, but don't know for how many dollars...then we'll have to decide to purchase a home for x (amount of pre approval) or wait another year.

 

We shall see.

 

Thanks for your help!


Current Scores: EX 682 (FCR) TU08: 641 Wally.11/14/14
Last app 05/29/2014.
Being held hostage in the garden until further notice...
Zero percent financing is where the devil lives...
Valued Contributor
tcbofade
Posts: 2,403
Registered: ‎09-26-2011
0

Re: DW getting closer...


ShanetheMortgageMan wrote:

Yeah with that income $150k would be a little too high...  $135k with 5% down on conventional & opting for a single premium PMI instead of the monthly PMI could be possible.  Or $135k with 3.5% down on FHA would be possible too.  I'm assuming a 2% tax rate (i.e. $150k would have $3k/year in property taxes).

 

Would you be on the mortgage/do you have income?


Gee, you NAILED that... pre approved for $135k FHA or conventional....she's going house shopping this weekend...


Current Scores: EX 682 (FCR) TU08: 641 Wally.11/14/14
Last app 05/29/2014.
Being held hostage in the garden until further notice...
Zero percent financing is where the devil lives...

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